It feels like summer is here! With two weeks averaging 10-15 degrees above average at the end of May and beginning of June, many felt as though summer had come. However we will likely see cool, wet weather through a portion of June in the Flathead. The moisture in June should help fend off any early summer forest fires.
Sales of Flathead Lake real estate were off to a sluggish start for the first quarter of 2019. There were two sales in May that followed up a strong April sales report. Both May sales were residential and exceeded $1M each. There were no waterfront land sales reported in May.
While the year-to-date numbers seem low, we are actually on track with last year’s sales numbers at this point. Through May of 2018 there were 17 reported sales with a volume of $11.86M compared to this year’s first five months of $11.91M in volume from 13 transactions.
With interest rates staying low and a national economy that continues to grow, we expect we may see another record sales year for the Flathead Lake real estate market.
Prices based on a per-waterfront-foot have continued to increase to around $4,000/ft for the entire lake after adjusting for improvements in the past few years.
Annual Sales Data:
Active Waterfront Listings
Residential waterfront listings for this month are down compared to the inventory at this time last year (107 vs 117). The number of land listings has decreased from 37 to 30. Total listings on the lake historically peak in August and bottom out between January and March.
The market carried a higher number of residential units through the winter this year compared to previous years, and 137 total waterfront listings is a relatively strong inventory for the first week of June.
Median list prices for residential listings rose steadily throughout 2018. Prices peaked at $1.6M at the end of the year as inventory dropped with increased sales. The higher inventory of lower-priced properties over the first 5 months of the year have put prices on a downward trend. Median home prices for June dipped to just under $1.2M.
Median waterfront land prices held steady for most of 2018, showing a $150k spike for the past three months due to a few high priced listings and meager inventory.